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CSUN Spring 2006 IS431 Wednesday 630PM Team Chen, Chris and Ed
CSUN Spring 2006 IS431 Wednesday 630PM Team Chen, Chris and Ed part of class CSUN Spring 2006 IS431 Wednesday 630PM. Note: Please do not modify this document if you are not a member of the class group. Thanks. Group assignment Sections =Executive Summary= Betterloans is in the banking business that is flourishing each year. It has no problem remaining in business and taking a section of the lending environment away from its competitors. However, as business becomes increasing more and more, their turnaround time for each loan processing begins to slow down. In the interest of having speeding up this process and incease to more loans, our consulting group found an idea that could be a big help to the rapid growing business. The company has all their incoming information sent to the specific individual working on the loan. If this information can skip the individual and be sent to a centralized storage and be filted out automatically, then this could be used to develop a strategy. Nalin DeSilva, the IT Director of Betterloans, have tried to speed up the process of each loan by adding more staff. However, more people would be more space is needed for each additional worker. Another idea would to hire only one individual to handle all the incoming faxes and sort them to their specific locations. We feel that a new system development would be the best option to help increase the speed of getting things updated. A new database would the best way to handle all the incoming fax and emails. Addition units of software and hardware would be a good way to efficiently help the flow information. Several candidate solutions was considersed before we decided on one. For hardware, we would need _________. Software needed is a new program to be coded. This candidate solution would cost a total of $_________. The whole project would take _________ months to be created and _______ months for implementation. The lifetime of this proposal is _______ years. After the system is implemented it would take ______ months for the system to recover the cost and start to make a profit. Because of cost and time, it is in the company's best interest to consider our candidate solution. =Background= The Old System Under the old system, a customer would go on the internet and fill out the application and sent it in to one of the processors, who would look at the aplication. The processor would look at the application and call you if more information is needed. the customer would either mail or fax the information to the processor; where it will have to be manually entered in to the computer. The broker would also go through this long process of getting a loan processed. As you can see, this process is a long and tedious where it took a much longer time and work to it processed before it can be audited for approval. If the audit is not up to par, the application is sent back to processing to get more informtion. When it is sent back to processing, the processing of getting more information is started all over again. As all of you who have taken a loan, you should know how long the process of waiting to hear the approval of the loan is. It can take up to weeks before gettng a reply from the lender of the status of the loan. The reason is not that more information is needed in processing the loan for it to be complete, but the time it takes to get the information to the processor to process the loan. For example a fax could be send at 9:00 AM and it would not be updated til 2:00 PM. This is part due to other things that could be going; other loans being processed, etc. As you can see, there is a 5 hour gap just to be notify that the information is sent in and be checked off. This long gap of time needs to be severly shorten or eliminated altogether. This is where our proposal system comes in and changes all of this. =Project Plan= Business Problem Betterloans has a opportunty to increase their customers by developing a new strategy. The first way is to get more people to get loans from them. Currently now, Betterloans has kept good competitive interest rates with competitors. Being a smaller lending firm, it has done extremely well against giants such as Countrywide Home Loans. However, as the business heads towards the world of tomorrow, so does the speed of getting loans approved and out too. Business Problem Many of you who own a home must know the long process of getting an update from your lender or broker. Betterloans is currently starting to have a problem of updating brokers and customers with their status of their loans. Under the old system, a clerk would have to manually update each loan as it comes in while working on other files. This task of updating the loans are usually put off til a later time when they are not so busy. This gap in time from the time the document was sent and the time it took to update is becoming larger and larger. Sometimes it would take half a day just to know if your document was recieved or not. This problem can not be ignored any longer for the sake of future deals with brokers and customers. Secondly, Betterloans has internal problems with paper documents. As one document is recieved it is reviewed by a clerk. The clerk then sends the physical paper to another clerk for more cross checking. After this, it is sent to another clerk and so on. This process of physically sending the document from one clerk to another can take any time from one minute to 20 minutes depending where the next clerk is. This is more time taken to process and more time added to update. Problem Statement Table (see page 198) Problems, Opportunities, Objectives, and Constraints Matrix (see page 207) Causes and Effects Analysis System Inprovement Objectives Problem or opportunity Causes and Effects System Objective System Constraint Problems, Opportunities, Objectives, and Constraints Matrix Causes and Effects Analysis System Inprovement Objectives Problem or opportunity Causes and Effects System Objective System Constraint Problems, Opportunities, Objectives, and Constraints Matrix Causes and Effects Analysis System Inprovement Objectives Problem or opportunity Causes and Effects System Objective System Constraint Problems, Opportunities, Objectives, and Constraints Matrix Causes and Effects Analysis System Inprovement Objectives Problem or opportunity Causes and Effects System Objective System Constraint Project Scope The Project will encompass the required loan documents automatic retrieval system at Betterloans. The project will interact with the current website, the current loan origination system, as well as the existing fax, email, and file systems. Next, we will analyze how the company update the status of loans as the loans are getting completed or remain incomplete due to lack of information. This analysis for this will show us what software and hardware is needed to improve the system. We will see how the documents are converted and stored in the file system, as well as linked with the loan origination software and their status displayed to the broker in the website interface. System Objective The current system needs to elimiate the need for the loan pocessor to be involved in the receiving and sorting of the faxes of loan documentation. The Brokers must ger immediate confirmation that the documents have been received, so they are better able to experite the loan process. It is understood that in some instances, the documents will arrive by standard mail. In this case, the loan processor needs to be able to scan the documents using office scanners to place the documents in the system. The system needs to release staff from performing this function, as well as empower brokers to be more proactive with gathering and sending in the required loan documentation. The entire system needs to be automated, so that if a loan document is needed for a loan, the broker, in conjunction with the system, will be able to provide the document without involving the loan processor at all. Proposal and Justification To meet the requirements for the System Objectives of the Papeless Fax System at Betterloans, we suggest that a new information system be added to the company. Existing fax servers are able to receive documents. Currently, these faxes must be manually viewed and sorted, then applied to the correct loan, and the loan origination system must be updated manually. The new system should be able to "pick up" the faxed document, identify which loan it is related to, then identify which existing document requirement it is fulfiling, then mark that requirement as fulfilled, convert the fax attachment as an image, store that image on a file server, and store the lation of the file in a database system for easy retrieval by the loan origination system as well as by other systems. There are two advantages over the existing process: First, brokers will no longer have to wait for a lengthy manual process. Rather, they will be able to see the documentation requirements updated live onthe system. This will encourage them and increae their willingness to do business with betterloans. Second, the loan processors will have less work, and thus will be able to take on additional responsibilites. This will enable management to more effectively utilize existing staff. =System Modeling= DFD for Loan Document Receiver Logical DFD for current system CURRENT SYSTEM System Outline System: Fax System @ Better Loan Entities: -Broker Data Flows Input -Form Processes: 1.0 Receive Form 2.0 Scan Form Data Store: -Loan File -Image File Logical DFD for new system thumb thumb thumb thumb thumb Physical DFD for new system ERD for Loan Document Receiver ERD * should match the number of data store entities. *look at this diagram, i am not too sure if its right or not* thumb Relational Data Model *not sure if it is right.* thumb Data Dictionary UML Diagrams for Loan Document Receiver Use Case Diagrams thumb thumb thumb thumb Class Diagrams * ERD should match class diagram for use cases. Sequence Diagrams State Charts =Candidate Solutions= Candidate Systems Matrix (page 415) Candidate Systems Matrix Characteristics Candidate 1 Candidate 2 Candidate 3 Effect on Staff Staff would have reduced handling of forms, but might have to help walk brokers throught the process on their side. Staff would have reduced handling of forms, and would not have to help brokers. Same as solution 2 Effect on brokers More work to upload files, but faster results Faster response on the website Faster response on website, no need to print the barcode coversheet. Effect for website administrators Would have to change website functionality to add file upload features. No change Would have to write phone number allocation routine and display phone numbers and emails on the web site. =Feasibility Analysis= (page 418) Insert feasibility analysis paragraph here Feasibility Analysis Matrix Feasibility Criteria Weight Candidate 1 Candidate 2 Candidate 3 Operational Feasibility Technical Feasibility Economic Feasibility Schedule Feasibility Ranking =Cost-Benefit Analysis= Summary Estimated Costs for candidate 1 Development Costs Personnel Hardware and software Maintenance Costs Personnel Expenses Estimated Costs for candidate 2 Development Costs Personnel Hardware and software Maintenance Costs Personnel Expenses Estimated Costs for candidate 3 Development Costs Personnel Hardware and software Maintenance Costs Personnel Expenses =ROI Analysis= Expand this paragraph The return on investment analysis is done to show the profitability of each system on a percentage scale. Total Present Value of Lifetime Costs Total Present Value of Lifetime Benefits Return on Investment Candidate 1 Candidate 2 Candidate 3 =Critical Success Factors= The Loan Document Receiver system must absolutely meet complete the following three requirements in order to be considered: * The system must be fully automated, requiring no manual steps from betterloans.com employees * The system must be available 24/7/365, and handle user error gracefully * The system must correcly record and store the documents received Failure to perform any of these steps would mean the system was a failure and should be replaced, or not implemented. If the system needs human intervention during normal operations, it would not be able to provide instant feedback to the brokers. Also, it would cost more, and indeed, might cost more than the current manual system. =Risk Management= =Proposed Solutions= =Input Output= =Implementation Schedule= Gantt Chart Pert Chart Conversion Plan =Other Recommendations= =References= * betterloans.com Notes Proposed Solution for CheapAx * mod website to have upload fields * store uploaded images to temp file * use web service to trigger file processing * our system retrieve the fiel ** get the file name ** extract loan #, doc # ** update loan file datastore ** Convert file to .jpg ** Store file in image repository Proposed Solution for MegaBucks * Get second fax board to get fax numbers * Modify website to implement dynamic allocation of fax numbers for each document * Mod website to give e-mail address for each loan doc. * Ex. A05600-1@tlpprocess.com * add MySQL (isp provided) for $20 month extra. Build allocation table. * Get 100 numbers for pool * Get domain for e-mails * Build web service for fax retrieval connect * If fax, use web service to website ISP to lookup loan ID and Doc ID from allocation table. * If email, use email address to get loan #, Doc ID * Convert file to .JPG * Store file in image repository, get file name + Path * Store info in loan file: Loan ID, Doc ID, Filename + Path, date/time entered Category: Class Teams